California Public Employees Retirement System grew its holdings in shares of Dril-Quip, Inc. (NYSE:DRQ) by 5.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 127,545 shares of the oil and gas company’s stock after purchasing an additional 6,198 shares during the quarter. California Public Employees Retirement System owned about 0.34% of Dril-Quip worth $6,556,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Putnam Investments LLC bought a new position in shares of Dril-Quip during the 2nd quarter valued at $1,352,000. Millennium Management LLC raised its holdings in shares of Dril-Quip by 328.6% during the 2nd quarter. Millennium Management LLC now owns 328,349 shares of the oil and gas company’s stock valued at $16,877,000 after purchasing an additional 251,734 shares in the last quarter. Waddell & Reed Financial Inc. bought a new position in shares of Dril-Quip during the 2nd quarter valued at $9,249,000. Metropolitan Life Insurance Co. NY raised its holdings in shares of Dril-Quip by 4.9% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 22,386 shares of the oil and gas company’s stock valued at $1,151,000 after purchasing an additional 1,037 shares in the last quarter. Finally, PEAK6 Investments L.P. bought a new position in shares of Dril-Quip during the 2nd quarter valued at $402,000.

In related news, insider Blake T. Deberry sold 2,000 shares of Dril-Quip stock in a transaction on Monday, October 1st. The shares were sold at an average price of $52.35, for a total value of $104,700.00. Following the transaction, the insider now owns 112,208 shares in the company, valued at approximately $5,874,088.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jeffrey J. Bird sold 1,000 shares of Dril-Quip stock in a transaction on Monday, October 1st. The stock was sold at an average price of $52.35, for a total transaction of $52,350.00. Following the completion of the transaction, the vice president now owns 20,788 shares in the company, valued at approximately $1,088,251.80. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

Shares of DRQ opened at $46.32 on Friday. The firm has a market capitalization of $1.96 billion, a P/E ratio of 178.85 and a beta of 0.91. Dril-Quip, Inc. has a one year low of $37.35 and a one year high of $58.95.

Dril-Quip (NYSE:DRQ) last announced its earnings results on Thursday, July 26th. The oil and gas company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.16). The firm had revenue of $94.86 million during the quarter, compared to the consensus estimate of $94.76 million. Dril-Quip had a negative return on equity of 1.19% and a negative net margin of 27.63%. The business’s revenue was down 25.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.09 EPS. On average, analysts expect that Dril-Quip, Inc. will post -0.81 earnings per share for the current fiscal year.

Dril-Quip declared that its board has initiated a stock repurchase program on Thursday, July 26th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 4.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

A number of research firms have recently weighed in on DRQ. Zacks Investment Research upgraded shares of Dril-Quip from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 18th. Piper Jaffray Companies set a $40.00 price target on shares of Dril-Quip and gave the company a “hold” rating in a report on Friday, July 27th. B. Riley downgraded shares of Dril-Quip from a “buy” rating to a “neutral” rating and raised their price target for the company from $50.00 to $58.00 in a report on Friday, July 20th. ValuEngine upgraded shares of Dril-Quip from a “hold” rating to a “buy” rating in a report on Wednesday, July 4th. Finally, Morgan Stanley initiated coverage on shares of Dril-Quip in a report on Tuesday, September 18th. They issued an “underweight” rating and a $50.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. Dril-Quip has a consensus rating of “Hold” and a consensus target price of $49.63.

Dril-Quip Company Profile

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services onshore and offshore drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. It operates through three segments: Western Hemisphere, Eastern Hemisphere, and Asia-Pacific.

Further Reading: Compound Annual Growth Rate (CAGR)

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Institutional Ownership by Quarter for Dril-Quip (NYSE:DRQ)

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